Smurfit Kappa announces €500 million notes due 2024 for refinancing

By Paul A. Harris

Portland, Ore., Jan. 17 - Smurfit Kappa Group plc announced in a Tuesday press release that its wholly owned subsidiary Smurfit Kappa Acquisitions Unlimited Co. plans to sell €500 million of senior notes due 2024.

The deal is done with a coupon of 2 3/8%, according to a portfolio manager who expects final terms to circulate shortly.

Smurfit Kappa is offering the deal under Rule 144A and Regulation S.

The paper-based packaging company, which has headquarters in Dublin and New York, plans to use the proceeds to repay debt, including using approximately €260 million to reduce borrowings under its term loan facilities and €220 million to repay borrowings its existing securitization facilities, with any remaining proceeds to be used for general corporate purposes.

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